Bank of Keysville - Keysville, VA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 1, 1931*
Location: Keysville, Virginia (37.040, -78.484)

Metadata

Model: gpt-5-mini
Short Digest: a431fec0

Response Measures

None

Description

Article (Oct 23, 1931) reports small tobacco-belt banks, including Keysville, had suspended during the tobacco harvest because of low prices and depositor nervousness but were expected to reopen within days after customers' agreements. Suspension appears driven by local agricultural/price shock and depositor nervousness; reopening planned.

Events (2)

1. October 1, 1931* Suspension

Cause: Local Shock
Cause Details: Suspended during the tobacco harvest when prices were so low that depositors became nervous and withdrawals pressured banks to suspend; customers later agreed on plans to limit withdrawals.
Newspaper Excerpt: The suspensions have been due to nothing more than a temporary nervousness of depositors which now has evaporated.
Source: newspapers

2. October 23, 1931 Reopening

Newspaper Excerpt: Banks at La Cross and Lawrenceville have already reopened, said Commissioner Bristow, and banks at Boydton, Keysville, Broadnax and South Hill are expected to open within a few days under customers' agreements.
Source: newspapers

Newspaper Articles (1)

1. October 23, 1931 Evening Star Washington, DC

Article from Evening Star, October 23, 1931

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Article Text

REOPENING OF BANKS IN VIRGINIA SEEN State Commissioner Bristow Expects Tobacco Belt Institutions to Resume Business. Special Dispatch to The Star. RICHMOND, Va., October 23.-Small banks in the tobacco belt which suspended business during the harvest of the crop, when prices were so low, will reopen shortly, according to an opinion expressed by M. E. Bristow, commissioner of insurance and banking, who has just returned from a series of depositors' meetings in Southern Virginia. "The banks are perfectly solvent." Mr. Bristow said, and in practically every case the customers have agreed upon a plan whereby the withdrawals will be kept within normal bounds. "The suspensions have been due to nothing more than a temporary nervousness of depositors which now has evaporated. for in every case I have seen the depositors have entered into the arrangements which will keep withdrawals at a reasonable ratio to deposits and to the slower-moving assets. "Most of these banks, including the smallest of them, could work out their difficulties without recourse to the new credit pool, but of course this will help them. "The assets which have been frozen to some extent during the business crisis largely are local obligations, many of them obligations of the very depositors whose anxiety caused the institutions to suspend temporarily. They realize this now that they have met together and talked over their business." Banks at La Cross and Lawrenceville have already reopened, said Commissioner Bristow, and banks at Boydton, Keysville, Broadnax and South Hill are expected to open within a few days under customers' agreements.